AUD/NZD chart - Trading View
Technical Analysis: Bias bullish
AUD/NZD was trading 0.24% higher on the day at 1.0793 at around 08:00 GMT, outlook is bullish.
The pair is extending gains for the 3rd straight session and doji formation on the previous week's candle raises scope for upside.
Price action extends upside in a rising wedge pattern and has bounced off strong support at wedge base to retrace above 200-DMA.
The pair has re-entered daily cloud and is currently trading above 21-EMA resistance at 1.0779.
Technical indicators support upside in the pair. MACD is on verge of bullish crossover on signal line.
Oscillators are bullish. RSI has edged above the 50 mark and is biased higher. Stochs confirm bullish rollover from oversold levels.
The Reserve Bank of Australia (RBA) keeps its Cash Rate unchanged at 0.10% while also reiterating the 3-year bond yield target as 0.10%.
On the data front, Australia’s headline Trade Balance for March dropped below 7529M prior and 8000M market consensus to 5574M.
Earlier in the day, Aussie weekly consumer sentiment improved from 112.4 to 112.7. Home Loans and Investment Lending for Homes also came in strong.
Support levels - 1.0779 (21-EMA), 1.0745 (200-DMA), 1.0720 (Wedge base)
Resistance levels - 1.08 (Psychological mark), 1.0822 (Cloud top), 1.0889 (Upper W BB)
Summary: Technical indicators are turning bullish. Decisive close above 21-EMA will reinforce upside bias. Scope for upside resumption in rising wedge pattern.
